Vietnam tech giant FPT’s pre-tax profit rises 20% in 6 months

Hanoi-headquartered tech giant FPT Corporation posted revenue of VND29,338 billion ($1.16 billion) and pre-tax profit of VND5,198 billion ($205.17 million) in the first half of this year, up 21% and 20% year-on-year, respectively.

Of which, information technology services recorded VND14,573 billion ($574 million) in revenue and VND2,294 billion ($90.48 million) in pre-tax profit, according to the corporation, listed on the Ho Chi Minh Stock Exchange (HoSE) as FPT.

In the second quarter of 2024, FPT netted revenue of VND15,245 billion ($601.74 million), growing 22.1% over the same period last year, while its net profit was VND2,283 billion ($90.11 million), up 23%.

The technology sector continued to account for the lion’s share, with 63% of total revenue and 49% of total pre-tax profit. Of which, foreign information technology services brought in VND7,574 billion ($299 million) in revenue and VND1,180 billion in pre-tax profit, up 30.8% and 24.8% year-on-year, respectively, driven by increasing momentum in the Japanese and Asia-Pacific (APAC) markets.

In 2024, FPT is targeting revenue of VND61,850 billion ($2.5 billion) and pre-tax profit of VND10,875 billion. With the results achieved in H1, the firm has fulfilled 47% of the revenue plan and 48% of the profit target.

The corporation’s total assets as of June 30 had reached VND65,321 billion ($2.58 billion), an increase of more than 8.3% compared to the beginning of the year. Of the figure, short-term financial investments were worth nearly VND20,000 billion ($789.42 million), short-term receivables VND10,992 billion, and fixed assets VND14,370 billion.

Regarding capital structure, liabilities totaled VND32,357 billion ($1.28 billion), up 7.2% from the year's outset, and equity reached VND32,784 billion, a rise of 9.5%.

Closing the Thursday trading session, FPT stood at VND127,900 ($5.05) per share, down 3.03% compared to the previous day due to net selling by foreign investors.

In July 2024 alone, they net sold nearly VND2,400 billion ($94.73 million) of FPT shares, the highest volume on the three exchanges in Vietnam.